Summer has come to an end, but it certainly doesn’t signify the end of home buying opportunities for the year. In fact, fall is a season that brings many positive home buying possibilities and benefits. In an article published by Realtor.com, Margaret Heidenry lists several reasons why this time of the year might be the perfect time for buyers to make their move on purchasing a home.
One significant reason to buy a home in autumn: home prices are lower. According to RealtyTrac’s analysis of home sales over the past 15 years, buyers in October have paid an average of 2.6 below market value. This compares to buyers making a purchase in April, who will pay an average of 1.2 percent above market value.
The article goes on to list other important advantages of shopping for a home this time of the year. For example, buyers will not be in competition with as many other home buyers as they would be during peak buying seasons. Additionally, those homes that are on the market in the fall are generally listed by sellers who are in a situation where they need to sell their home. This allows the buyer to leverage their buying power and allows for more significant negotiations. Among some of the other reasons listed in the article, buying in the fall also means less competition for your realtor’s attention and time, the same goes for mortgage brokers and real estate attorneys. As the article states, “You can take your time to ask all those questions you have about earnest money, due diligence, title transfers, and more without feeling like you’re horning in their busiest season to turn a buck.”
Read the article for additional information about the benefits of purchasing your home after the peak season.
Photo Credit: Sharon Mollerus